Targa Resources, Inc. $TRGP Shares Bought by Braun Stacey Associates Inc.

Braun Stacey Associates Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 8,916.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 90,160 shares of the pipeline company’s stock after purchasing an additional 89,160 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Targa Resources were worth $24,176,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp bought a new stake in Targa Resources in the 2nd quarter valued at about $32,000. Compass Financial Management LLC acquired a new position in Targa Resources during the 2nd quarter valued at about $33,000. CoreCap Advisors LLC grew its position in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares during the last quarter. Virtus Advisers LLC bought a new position in Targa Resources in the 2nd quarter worth about $35,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2%

TRGP stock opened at $288.38 on Friday. The firm’s 50-day moving average is $275.05 and its two-hundred day moving average is $257.11. The company has a market capitalization of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. On average, analysts forecast that Targa Resources, Inc. will post 11.2 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio is 47.80%.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the sale, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. Scotiabank lifted their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Wells Fargo & Company lifted their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Morgan Stanley lifted their target price on Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada boosted their price target on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $298.71.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.